Latest News on Denver Accounting & Taxes

Filing taxes is something that every American citizen must endure, regardless of income level or any other factors. It is the one thing that each person is legally required to complete and although there are some who try and skirt the system, a majority of people just endure the reality and plan accordingly. For many, this comes as a new year begins and the calendar rolls over to January. People begin receiving their W-2 forms and reporting the prior year’s earnings as the spring, April 15 deadline to file approaches. However, there is an alternative that has become increasingly popular in recent years - filing an extension.

What is an Extension?

Understanding how taxpayers can file an extension for more time to file their federal taxes begins with realizing this is an option. However, before you get excited about acquiring more time to cut a check to the federal government, realize the one critical caveat of this agreement. Filing an extension, if accepted, only guarantees taxpayers have additional months to fill out the necessary paperwork required in a tax return - NOT ADDED TIME TO PAY. 

If you typically owe taxes, then some form of payment must still be submitted prior to the original April 15 deadline, although it is possible to send in a payment and still accept an extension to file the supporting paperwork. In addition, the extension must be filed by April 15 to let the Internal Revenue Service know that some type of return is coming in the future and there is no inability to file.

Extension Deadline

For a majority of Americans, the 2019 deadline for filing an extension is October 15. Depending on when your taxes were originally due, an extension grants individuals the opportunity to extend their reporting out six calendar months. 

Benefits

While there are a few pros and cons to filing an extension, the only main downside is understanding that if you owe, there is no added time to pay. In fact, many people who initially file an extension for other various reasons, typically continue to do so in the following years due to some of the other benefits associated with receiving extra time to file.

This time can be used to ensure the accuracy of your return and maintain any potential refunds one may be entitled to receive. Instead of getting the money back at the first of the year, some people prefer to have this money later on to be used for holiday spending or any other needs.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help wanting a future extension, paying all currently required taxes, owed back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
 

Most people are aware of when they owe taxes and may not have taken the proper steps to pay completely the amounts required. However, some undergo a surprise audit from the Internal Revenue Service (IRS) and may only then realize that they have been unknowingly not paying the required amounts and are then faced with a hefty bill for the back taxes. In addition, others have planned their current tax situation on past filings and with the current changes, may have been faced with owing this year instead of getting a refund. 

There are obvious benefits to paying your taxes on time, but no matter your current situation, understanding that options exist for repayment to the IRS for any and all taxes is worthwhile information that is often hard to find. In general, people rarely want to discuss their finances openly, even amongst friends, so relying on word of mouth or even helpful services can reach a dead end. Instead, individuals often find themselves in a difficult situation and then are scurrying for information or help without considering all of the proper avenues for a resolution. 

Yes, these government entities are allowed to collect any monies they are owed by a variety of different methods, but there are options for those who are indebted to the IRS. Consider some of these or discuss the likelihood of one being applied to your current situation before moving forward.

Payment Plans

If the amount due is considerably more than an individual or company could pay within a one-time payment, the IRS will work with you to create a payment plan. Whether this involves garnishing wages or another method of repayment, there is often an ability to significantly reduce the due amount or at least extend this repayment method over time.

Penalty Abatement

Unless you are a repeat offender, getting the penalties assessed either reduced or negated is always an option. While the IRS is not likely to ever take away any interest that may be owed, addressing the penalty portion of a tax bill can significantly reduce the total amount due.

Settlement Negotiation

Acquiring professional help also gives you someone in your corner who can keep an open line of communication with the IRS and their representatives. Instead of facing them alone, these individuals can set up settlement negotiations based on your current income levels and potentially help reach an agreement that both sides are agreeable upon. Doing so can greatly reduce the amount of stress involved in the process while also achieving an end goal and something taxpayers can work towards as the process transpires.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help paying all currently required taxes, owed back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
 

No matter your financial expertise or future preparedness, everyone is aware that money plays an important factor in life. It may not be able to buy happiness, but not having to worry about paying the bills sure does make things a whole lot more enjoyable. No matter your current financial situation, there can always be a better understanding or grasp of the concepts associated with retirement and preparing for the future.

Regardless of where you are at on the financial journey of life, there are steps that can be made in order to prepare for the future. No one is guaranteed tomorrow, but having a plan and making sure that you and your family will be taken care of should something happen can allow you to rest easy. Especially if you are getting older, there are certain steps to take within five years of retirement which can benefit both you and your future earnings.

Each of the following tips will assist in getting a grip on your finances, no matter the current state of your bank accounts.

Debt to Income Ratio

One of the first factors to consider when attempting to understand your financial status is personal or family debt to income ratio. The measure of monthly expenses versus income measures how much money should remain for other needs. By analyzing this simple figure, individuals can quickly see if they are living within their current means or stretching their money too thin.

Monthly Subscriptions

One of the quickest ways to give yourself a pay raise is to evaluate the amount of automatic draft deductions from your paycheck. Consider canceling that gym membership you never use, television pay channels you don’t watch, or any other seemingly useless deduction. A close examination of your monthly finances may net you an impressive pay raise by cancelling subscription services that aren’t being used.

Budget

Create a budget. Take a detailed look at your monthly expenses and determine which are necessary and others that may be expendable. By planning ahead for the amount of money to be used throughout any given pay period, individuals can get a head start on securing their financial pocketbook.

Assistance

Consider seeking outside assistance from an unbiased third party. Depending on your current financial situation, having another set of eyes placed on your accounts could add insight that would benefit you, in addition to creating another set of standard bearers for your finances.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation, paying all required taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
 

No matter what type of business you have, keeping the financial practices in order are an extremely important factor in the success of an operation. While the bottom line procedural results are a direct correlation to the amount of money being received being higher than the amount of money spent, there are a number of different factors which contribute to the causes of both. Ensuring that your business practices are in order, from the finances to the operation and delivery of goods or services, can create a foundation for a successful future.

After start-up, a shocking number of entrepreneurs will not make it on the road to secure a successful business. Studies show an astonishing eight out of 10 businesses fail within the first two years of existence, indicating that owners are facing an uphill battle no matter their circumstances. Whether you have an excellent idea, are creating a better component to an already existing product, or created an entirely new concept for something, the odds are already stacked against you.

Understanding the finances, in particular two of the key components that provide an overview of your current business practices, is an extremely important step. This is also the reason many individuals or groups of owners choose to outsource their bookkeeping and financial practices. By having a third-party that is not emotionally tied to the product or even related to the business partners or practices, an unobstructed and direct view of the situation at hand may be provided.
Balance Sheet

One of the most integral parts to a financial analysis of a company involves the balance sheet. A balance sheet provides a snapshot of the company’s current situation regarding liabilities, assets and shareholder equity. These components are essentially a look at the overall health of a business and can typically be constructed for any given time period.

Whether you need a current fiscal year-to-date analysis, a deeper look at a particular quarter, perhaps a comparison of quarters, or even an entire year in one report, the information provided here is both extremely important and relevant.
Profit and Loss

Another important report regarding the overall health of a company is the profit and loss statement. Often referred to as a “P and L” for short or an “Income Statement”, these reports refer to the bottom line of a company and the ability to ensure they are making more money than the organization is spending.

Analyzing the revenue generated in a side-by-side comparison to the expenses incurred along with the complete results, these financial reports are also important. They too can typically be adjusted to show the desired results from a given time period in order for comparison analysis and other types of results to be computed.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation of your business, paying all associated taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
 

Credit card debt is something that many Americans deal with on a daily basis. Yes, these bills may only need to be paid once a month, but if someone has developed a significant amount of debt then it is likely they are faced with decisions involving a card’s use every day. Choosing to face the reality of a situation and then putting a plan in place in order to help climb out of the seemingly never ending hole is a first step toward being financially free in the future.

It is going to take some time. With average annual percentage rates (APR) hovering between 16 and 22 percent, the interest paid on live balances can accrue significantly over time. Paying the minimum payment does eliminate any additional interest and fees that may be applied but continually using the same card will typically only make your due payment increase - a step back in the process. To get ahead, follow some of these simple first steps in the process.
Pay Down Lower Balances First

If you have multiple credit cards and are able to put a stop to buying on credit, then move forward with a plan. If you need a credit card for emergencies, research which of the one’s in your possession have the lowest APR and use this one - ONLY in the case of emergencies. 

Pay the minimum balance due on this one or any others and attack the lowest balance remaining first. For example, if you have three cards and typically used $300 to pay over the minimum due on each previously, then consider using the same amount but in the above described method. You may pay the minimums on two at $75 each and then use the remaining $150 to attack the lowest balance. Soon this amount will begin to reduce and if the card isn’t being used, ultimately it will be paid off without increasing the amounts you were previously putting toward these cards. Not only will this give you a sense of accomplishment but you can then reduce the amount of cards you have to a lesser number.

Request a New APR

Ask and typically you shall receive, in addition, all the credit card company can say is no and more often than not they will negotiate to lower your current APR provided you have been a loyal customer for a given period of time. Negotiating a better credit card deal can save you an enormous amount of money in the long run.

Make On-Time Payments

Not only will being a loyal customer help in your negotiation process but by making on time payments you can establish the reputation as a quality customer. This helps to both eliminate any additional fees and or penalties that may be issued due to a late payment and also adds leverage when attempting to secure a better interest rate.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation, paying taxes, or any other wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!